I'm 27 y.o. & trading bout 3.5 years now.
But my trading only started to work out in the last couple of months.
Strategy name: Price Action (SFP, Mirror lvls - mirror levels)
Rules of the strategy for buying / selling: I will describe it below
Trading instruments: EURUSD, USDJPY, AUDUSD, XAUUSD, GBPUSD
Timeframe: 1H, 4H, 1D (daily for key levels, 4H work tf)
Money management: maximum 1-3% per trade (recalculated every time after closing the position, for large accounts the risk is 3-4%)
Loss limit per day: 3-5% per day
Is it possible to re-enter: if landed on a false breakout and the price returned, then no more than 1 time
Pyramiding: yes, but each trade should be a trade in itself
Stops: technical, but one that allows MM
Targets: stable growth, and after ~ 15-105% per month.
Reasons to enter: Mirror 1D level OR strong 1D level that returns after a false breakout, near retest along a trend or price sticking to the level
Trend?: Trades are most often along the trend, sometimes against
Ratio: 1 to 3-4-5-10
Suggestions and criticism: glad to hear
Obvious rules:
- See if the channel width has the potential to reach TP
- The level should be very close to ideal (pip to pip rebounds, reversals, mirror levels)
- Enter where it is almost wrong
- Take into account the ratio of open positions (a secondary factor, it can play when I hesitate)
Non-obvious rules that I had to pay for:
- When opening a position, it is ideal to open straight at the level. If you don't follow the schedule, set limit orders
- Mistakes are the best thing that can happen to you, because you learn from them.
- take profit or stop loss
- Don't listen to anyone, trade on your own
- Get more rest from your schedule. For the period of the transaction, it is better to stay away from the terminal
- A trading plan is best done when you are out of the market and even better when it is a weekend.
- Check seven times, enter once (about the correctness of levels, attentiveness and concentration)
- Do not trade in extreme emotional states / if you are sick / if your focus is out.
- Only trading journal can help you see errors globally, so you can view all your transactions and display statistics at any time. + myfxbook
- Daytime priority, H4 and H1 for finding a jewelry entry point.
Algorithm for victory:
1. Full check of the level for validity. (H4 and D1 rebounds are good, not cut)
2. What is the wave now? (Bullish or Bearish, local trend)
3. What is the global trend?
4. What are the risks and the nearest problem areas (levels where the issuer will potentially stop)
5. Decision and full acceptance of responsibility.
Algorithm formalization status and progress: 100%
In its second year, the algorithm is formalized and does not really depend on patterns. Rather, I rely on a sense of the market, mechanism and mechanics.
I very much cultivate a love of trading and expect positive results from it.
Plan:
2021: trading moves to a qualitatively new level, I am confident in a strong and very good result this year
2022: I consolidate the result and improve my qualifications, I learn to operate with amounts from $ 100,000
New me (what I understood for 2020-21):
1. Your advantage is yourself. If you can set yourself up for inevitable success, then it will.
2. Your strength as a trader depends on your focus. Keep in mind that you see the best opportunities and you will notice them.
3. If markets change dramatically, look for new opportunities. They are much closer than you think.
4. Your flexibility and ability to quickly re-evaluate the situation is a very important characteristic of being strong as a trader.
5. Planning your trading day is very important. Write down ideas and thoughts, get ready for the next day.
6. Get enough sleep. And when you wake up get up in a good mood.